Spain’s Antena 3 in merger deal with rival TV Sexta

Spanish television company Antena 3 Wednesday announced a merger deal with rival La Sexta after two years of talks to become the country’s second largest private operator after Mediaset.

Spain’s market regulator said Antena 3 had inked a pact for a “merger in which La Sexta would be absorbed by Antena 3.”

Shareholders in La Sexta would hold up to 14 percent of the new company if certain objectives and goals were met between 2012 and 2016, Antena 3 said in a statement.

Antena 3 will float 14.62 million new shares for this move, it added.

The new group will control eight television channels: Antena 3, Neox, Nova, Nitro, La Sexta, La Sexta2, La Sexta3 and sports station GolTV and control about 42 percent of the television advertising market, local media said.